The affluent consumer has come a long way in the 21st century. Today's big spender is a working executive who is always on the go, which leaves little time for full-day shopping trips on Madison Avenue. While these shoppers still occasionally enjoy going into Nordstrom's, the reality is that they are probably researching first before they go shopping or buying online in between meetings.
I recently started a search for a new car. While I have a fairly good idea of what my budget is and what vehicles fall under what I am willing to spend, one of the most significant observations I have made as a member of the marketing industry is how different brands name their models.
Many organizations turn to cross-pollination marketing, which leverages two brands to help customize and personalize the marketing experience for customers. Specifically, cross-pollination refers to the innovation and spark that is created by bringing fresh eyes, distinctive perspectives and common goals together. In order to most effectively use cross-pollination marketing, companies must also incorporate data analytics to ensure that they are appropriately targeting both existing and potential customers and creating partnerships that make sense to reach them.
The latest government data confirm that Affluent spending is on the rise, and crucial to driving growth in many marketplace categories.
When asked by a reporter about his secret to success, Warren Buffett, the American business magnate widely considered to be the most successful investor of the 20th century, once held up a stack of papers and said he "read 500 pages like this every day. That's how knowledge builds up, like compound interest." In fact, Buffet estimated that he spent 80% of his working day reading and thinking.
You've got to love a good mash-up. Chocolate and peanut butter. Angry Birds and Star Wars. Cookie Monster and Tom Waits.
In my three "Engage:Affluent" columns this year, I have focused on those consumer segments that many marketers to the affluent indicate are the primary targets for their luxury and premium products and services. Those are, not surprisingly, either very high-income adults (the 7 million adults who live in households with incomes of $250,000 or more) or adults who report a net worth of $1 million or more (about 20 million adults).